Is debt consolidation or debt relief a good idea?
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Answer:
On One Hand: Reduce or Minimize Your BillsDebt relief and debt consolidation programs offer to reduce monthly bills, or eliminate certain debts completely. Total Debt Relief is one company that makes such promises, claiming to resolve your debt problems legally.On the Other: The Basic Problem RemainsFinancial expert Dave Ramsey says that debt consolidation is a poor solution, because you still have the same debt and the habits that caused it. The debt is not reduced, and the repayment time has extended, with additional fees.Bottom LineExperts agree that debt relief and debt consolidation are not good solutions. If a company is able to provide you with debt relief, it is going to destroy your credit for years, similar to a bankruptcy.Source:http://www.totaldebtrelief.net/?src=ggl&rsid=debt%20relief&type=High&gclid=CIfFxq6G5aACFdlw5QodhVehGAhttp://www.daveramsey.com/article/the-truth-about-debt-consolidation/http://moneycentral.msn.com/content/savinganddebt/managedebt/p36230.aspOn One Hand: On the Other: Bottom Line
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